How do you assign value to old clothing?

I mentioned elsewhere that I plan to donate my dad's clothing to the Goodwill. They will give me a receipt for tax purposes that I will complete myself with the value of the clothing.

Dad's stuff is top notch and in wonderful condition. But how do I know whether an old suit is worth $30 or $300?

Does anyone know of a site that provides guidance? I called my local GW and the national one. No one at either place could help me out with these questions.

I don't want to put down numbers that will have the IRS asking me questions, but I also want the full deduction that my mom's entitled to.

Thanks.

"I ransacked his drawers when he left me by myself at his place for the first time. That's how we did it in the good old days. Tells me all I need to know about him. He pretends he didn't notice. That's how good relationships start." - Chilly Willy

Q: At the end of every season I stuff a bag with clothes for my local thrift shop. I get a receipt for my taxes, but my husband always says I undervalue my donation. I disagree. Is there a better way to estimate the value of my donations?

A: You're among about 20 million Americans a year who make material donations to Goodwill or the Salvation Army or another thrift-shop organization, getting a receipt in return. It'd be great if that receipt listed the value of your donation, but as you know, most major charities don't do that. It's up to you to figure that out.

According to the IRS, you can deduct the "fair market value"  the price a buyer would be willing to pay for them  of the clothing, household items, used furniture, books, etc. that you give away. The IRS suggests you shop thrift stores or classified ads or auction sites like eBay to fashion a good guess. The Salvation Army Web site has a basic donation-valuation guide that's helpful.

But value also depends upon the condition of your items. A piece of clothing in good condition means it has no noticeable wear or tear. Fair condition means it looks slightly worn. And poor condition means it looks well-worn.

Brand also matters. Designer clothing that costs more in the stores is worth more as a deduction  so long as there's a label. A Calvin Klein suit worth a $260 deduction in good condition is worth $69 without the label.

If the merchandise you've donated is worth less than $500, you simply list the amount on your 1040's Schedule A. If you report donations worth more than $500, you have to fill out IRS form 8283. On this, you have to identify and value the items  noting when you bought them, approximately, and how much you paid for them, also approximately. For any item worth more than $250, you need a receipt from the charity. And for any single item worth more than $5000, it's necessary to get an independent appraisal.

"I ransacked his drawers when he left me by myself at his place for the first time. That's how we did it in the good old days. Tells me all I need to know about him. He pretends he didn't notice. That's how good relationships start." - Chilly Willy

"There is no exact IRS formula or chart as the agency relies on subjective approximations. However, if you wish to donate more than a total of $500 worth of clothing or other goods to charities, you must complete Section A of Form 8283Non Cash Charitable Contributions, and include it with your federal tax return."
More info here: ยป How To Value Your Clothing Donations and Get A Tax Deduction

I just packed 4 full garage bags of stuff that is gently worn and from Sears or JC Penney.

The more I resolve of his life, the better I feel. He was an older parent who already had a GI cancer when I was born, so we talked frequently about death and how to be ok. It's paying off.

"I ransacked his drawers when he left me by myself at his place for the first time. That's how we did it in the good old days. Tells me all I need to know about him. He pretends he didn't notice. That's how good relationships start." - Chilly Willy

If you are going to make it tax deductible, itemize what you are taking. 5 suits, 5 jeans, 2 sports coats, etc. Then I assign a value to each of those items and multiply it out. The value may come to more than $500.

"I ransacked his drawers when he left me by myself at his place for the first time. That's how we did it in the good old days. Tells me all I need to know about him. He pretends he didn't notice. That's how good relationships start." - Chilly Willy